An unidentified whale moved 3.3 trillion Shiba Inu tokens to a private and unknown wallet address. In precise numbers, the whale transferred 3,373,256,285,484 SHIB tokens to the unknown wallet which is worth nearly $30 million on Monday.
The whale initiated the transfer in a single massive transaction by paying a gas fee of $2.46. The transfer comes at a time after the Shiba Inu team confirmed that the Shibarium layer-2 network’s public beta testnet will be launched “soon”.
However, it is not known if the whale transferred the 3.3 trillion SHIB tokens to dump or hold. Whales steadily took entry positions with SHIB in 2021 and accumulated the token until Q3 of 2022. Whale entries into SHIB saw a decline in Q4 of 2022 as its price slipped south adding an extra ‘zero’ in the indices.
Shiba Inu: Shibarium Is Coming & Also ‘Burning’
The Shiba Inu team confirmed on Twitter that the upcoming Shibarium layer-2 network will ‘burn’ SHIB tokens. They added that Bone will be used as gas fees on the network and each transaction on Shibarium will burn SHIB tokens.
“We also would now like to formally announce that each Shibarium transaction will burn SHIB,” they confirmed. The team further added, “Bone serves as the required gas token for operability within Shibarium”.
However, the scale of the ‘burns’ has not been revealed and the functionality of the in-built burn mechanism is unknown.
At press time, the asset was trading at $0.00000877 and is up 4.1% in the 24 hours day trade. SHIB is down 89.8% from its all-time high of $0.00008616, which it reached in October 2021.